CoinShares Physical Staked Ethereum is an exchange-traded product (ETP) that provides regulated exposure to Ethereum, the leading smart contract platform powering decentralized applications, DeFi, and NFTs. Structured as a physical ETN domiciled in Jersey, it is 100% backed by actual ETH held in secure institutional-grade cold storage custody, with every unit representing a defined claim on the underlying cryptocurrency verifiable through daily coin entitlement figures. Launched on February 23, 2021, it stands out with 0% management fees, a pioneering feature in the crypto ETP industry, achieved by sharing staking rewards—currently around 1.25%—directly with investors, enhancing transparency and efficiency. Fully accumulating and currency-unhedged in USD, the product offers seamless tradability via standard brokerage accounts, bridging traditional finance with blockchain innovation. Independent verification by The Network Firm ensures reserves match holdings in real-time, while physical redemption options allow eligible holders to exchange shares for ETH. With assets under management exceeding USD 269 million (equivalent to EUR 237 million), CoinShares Physical Staked Ethereum plays a key role in enabling diversified, professional access to Ethereum's ecosystem without direct custody complexities.